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This article explains the differences between employees and contractors and warns your clients that there are strict laws protecting employees against employers who may try to reduce their costs by engaging workers under the wrong employment category. A handy reminder for both employers and employees. Written in the adviser's voice.

I can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, but when those decisions affect others detrimentally, that’s when I get cranky.

Recently I had a phone call from a client who had been retrenched six months ago. Although this man is very skilled and talented, he has been struggling to find full-time work in his chosen profession. He and his wife had savings put aside for such a time but living on one wage for six months was not only testing the savings balance but also their relationship. So he decided to try a different career role.

A more specific article focused on business owners having a written succession plan to ensure their personal wishes will be met if they die or are incapable of working. It addresses 4 important aspects – structure, agreements, insurances and Powers of Attorney.

It’s not uncommon for business owners to take short, irregular holidays because they don’t have the support to keep their business running without them for a longer break. Aside from taking time off for leisure, have you considered what would happen if you were forced to take six months off work due to a serious illness or injury?

Would the business survive and how would the bills be paid? Or if you were to die, can you be sure that your business partners would give your family a fair deal?

While many Australians aspire to entrepreneurship, only a fraction take the leap - often due to funding challenges, regulations, or economic concerns. This article discusses key considerations, government support, financial planning, and cash flow management strategies to help you turn your business idea into reality.

Ever thought of setting up your own business? Maybe you’ve dreamed of turning a hobby into a side-hustle?

A 2022 survey conducted by the National Australia Bank (NAB) revealed that 41% of respondents aspired to owning their own business, but only about 9% took the plunge into entrepreneurship.

Some reasons for not going ahead included difficulty securing funding, regulatory complexity, economic instability, and the need for a regular income.

This article outlines the top five mistakes business owners commonly make when applying for a loan, including neglecting their credit score, incomplete financial statements, and lack of a solid business plan. It offers practical tips to avoid these pitfalls and increase the chances of securing the right loan for business growth.

Organising a loan for your business can be an important step in fuelling growth or covering unexpected expenses, but many business owners fall into the same traps during the loan application process.

To ensure a smoother application and avoid delays or even denial, here’s the top five mistakes you should watch out for—and how to avoid them.

Small businesses often depend on key individuals, making them vulnerable if one suffers a serious illness, injury, or death. This article discusses effective planning and insurance options that can mitigate financial risks and ensure business continuity. Includes two real-life case studies.

The operations of most small businesses rely on at least one or two pivotal people: usually the owner and perhaps a valued employee.

If one of these key people were to experience a major illness or injury, or perhaps die, there is a good chance that the business would struggle and perhaps even fail.

Putting the right plans in place

Small businesses are usually structured as a sole trader, partnership or company. In each case, the owners should put plans in place to make sure the business can survive the temporary or permanent loss of a critical person.

This article uses a case study to highlight the importance of workplace support for mental health. It underscores the significant cost of mental ill-health to businesses, the rising awareness of mental health issues, and the positive impact of organisational support.

Roger was an auditor at a large multi-national consulting firm. He was a conscientious worker; confident, capable and always positive. But Roger’s cheerful smile concealed a private burden.

For years, Roger had struggled with depression and anxiety. Yet each day, he put on a brave face at work while sadness and apprehension shadowed him.

As Roger’s private battle worsened, it began to overwhelm him. He became forgetful, struggled to concentrate and missed deadlines. Such physical symptoms left him feeling even more depressed, and undermined his self-esteem, leaving him with a sense of hopelessness.

This article provides tips for preventing and detecting fraud in Australian businesses, including red flags to look out for and procedures to implement. The article also encourages readers to contact their accountant for assistance with scam and fraud prevention and detection.

As a business owner, you know that financial success is key to keeping your doors open. Unfortunately, scammers are adopting new technology and more advanced methods to commit fraud leading to possible financial loss and reputational damage to your business.

A scam becomes fraud when deceit is used to obtain a benefit, or cause a loss, by deception or other means. Committing fraud is a criminal offence.

This article discusses the risks business owners face if they focus solely on the sale of their business to fund their retirement dreams. It provides steps to take to prepare for the sale or succession of your business, including building superannuation.

Many business owners make the mistake of ignoring superannuation in preference for re-investing spare funds in their business, hoping they can then sell at a premium when it comes time to retire.

At some magical time in the future, they dream they can sell their business for their asking price, bank a cheque, turn the lights off, and walk away. Sounds perfect, doesn’t it?

In reality, they are embarking on a very risky exit strategy.

With a shift towards working from home and a boom in new small businesses starting up, this article discusses valuable points that new entrepreneurs need to consider before rushing into their new venture. We cover everything from business plans and funding support, to registering your business and acquiring insurance.

Work From Home (WFH) arrangements seem to have got our creative juices flowing with more online, home-based businesses springing up every day, providing a limitless variety of goods and services.

Home based micro businesses (0 – 4 employees) and small businesses (5 – 19 employees) offer everything from retail items, to construction industry services.

Every business is unique, and the requirements of suitable business insurance are just as unique as each business. Using a case study, this article analyses the many insurances available and highlights the importance of seeking professional advice when acquiring cover for your business.

Several years ago, Steve and Brian started a small web-design business, GotyaOnline. Steve was responsible for growing and supporting their client-base, while Brian designed and built the websites.

Expanding to include maintenance of client databases and online shopping facilities, they bought new technical equipment and rented office space.

Recognising the importance of insurance, they sought professional advice about suitable cover for a small business like GotyaOnline.

The dream of starting your own business often stays just that, a dream. Many people have a great start up idea but get overwhelmed when they start looking into everything that is required to take their idea and turn it into a thriving business. This article outlines 5 tips for translating your dream into reality.

Want to be your own boss but not sure where to start?

Some people’s dream is to nurture a business idea through to success. Calling the shots, working their preferred hours and achieving financial independence fires their dream.

Many people have a great idea but are overwhelmed when they look to turn their idea into a thriving business. Here are 5 tips for translating your dream into reality.

1. Road Test Your Idea

Speak to people whose opinion you trust and run your idea past them to gain feedback and an alternative perspective. You’ll be pleasantly surprised by how many people will be happy to help and connect you to professional expertise.

Selling or closing down a business can be a very emotional time. There is an excellent checklist on the ATO website – this article helps to explain some of the more confusing points that need to be addressed whilst selling/closing a business in Australia.

As a hard-working small business owner you've spent years building your own livelihood and now, for whatever reason, you've decided the time has come to sell or close down your enterprise.

To assist you, the Australian Tax Office provides detailed guidance on important legal and taxation matters you will need to address here. We have briefly clarified some of the more confusing requirements.

 

This detailed article is excellent for your business clients – it addresses their unique wealth management needs highlighting the importance of insurance, superannuation, succession planning and seeking professional advice.

The main reason people go into business for themselves is quite simple – to have more control. For others, wealth creation is the main focus, although small business also brings with it the higher chance of failure and loss. Is the hard work and extra risk worth it? If you are a small business owner or have dreams of becoming one, consider the following and how it might apply to you.

This is a handy reminder consisting of 10 areas that need regular review when running a successful business.

As a business owner, there is always something to do, however many owners often spend more time working in the business than they do on the business. Here are ten simple management tips to help you maintain a successful business in good and not-so-good times.

This article lists and explains six important steps to help ensure the success of family businesses through generations. An excellent reminder for your business clients.

To ensure continuity, a succession plan is absolutely essential for every family business. And this is regardless of whether the family runs a global empire, family farm or corner store.

Regardless of your intention, here are six steps to help ensure that your succession is a success: